Gold notices a TrippleTop breakdown below the neckline of 1764. All is not well in gold. Time to wait before investing in gold. Can it retest 1563 levels which is its copy book target?
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A pullback is a market drop of 5-10% and is very short term During market correction, market drops 10-20% from the high Bear market occurs after 20% fall over 2 or months of fall
Going by above definition, Gold is entering bear market with correction of 20% from ATH. It notices a TrippleTop breakdown below the major neckline support of 1764. It has broke down below 50/100 DEMA and sustaining lower. It had broken 200 DEMA 2 days back, but after some recovery trading around this.
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Volume in last three weeks falling candles is worth watching. If all is well, who is selling gold? All retails? And institutions buying?
You can pretend to say anything. But volume never lies. Always look into the volume. VSA (Volume Spread Analysis) is the key when you are looking for long term.
I will never buy gold at this price structure. Let it correct or breakout again to take entry. #MomentumInvesting
But at the time frem gold very upside.
10/20 % u say first' upside show after fall.
TradersVenue
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@Roopesh72, I just posted my unbiased view basis my technical analysis. My view may be correct or wrong. Its not a trading advice or recommendation to trade. Read the disclaimer part and check with your investment advisor if you have any positions or if you want to initiate any trade.
Roopesh72
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But today tomorrow your target??
TradersVenue
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@Roopesh72, First watch the chart, its weekly charts. So deriving targets in 1-2 days is foolish. Secondly in immediate trend its bullish because in daily TF it had a BullishEngulphing pattern yesterday.
Most importantly I am not a SEBI registered advisor. For targets and SL, check with your investment advisor.
@Roopesh72, Ha ha. Mentioned at the top. Copy book target for TrippleTop pattern is at 1563 odd levels. Don't know any timeframe. And nothing is certain in the markets. Basis this view, I am going to pause any investment in gold at present. Either it should breakout when I will enter or will wait for a correction.
Again reiterating, avoid trading this view. Check with your investment advisor, before initiating any trade.
10/20 % u say first' upside show after fall.